After living through the 2008 financial crisis, many millennials and the generation below them don’t particularly trust big banks. New banking apps and startups have what they might think is a solution to that, however. Human first names.
Marketplace’s Kimberly Adams spoke with Meredith Haggerty, deputy editor at The Goods by Vox, who wrote about why new financial products have names like Marcus, Frank, and Dave.
“The primary thing is that these companies want to sound friendly and human,” Haggerty said. “The shortest, simplest way to do that is with a human name.”
Dave, for example, is a startup that helps users avoid overdraft fees and describes its work as “the finance version of David vs. Goliath.” Haggerty spoke to the CEO of Dave, who said he sees Dave as the little guy to big banks.
“But they’re casual, so they’re Dave,” she said.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.
Give today and get our limited edition tote.